WASHINGTON-Two years after its national launch, credit unions are now offering 26 different products to low-wealth members through the REAL Solutions program championed by the National Credit Union Foundation.
Most popular are programs offering used car loans to borrowers with low credit scores, small loans of $500 or less, and tiered pricing programs that help members to rebuild credit scores.
The findings are based on a survey conducted by the NCUF, which found more than half of REAL Solutions credit unions are offering the 16 most popular products. Nine of the most popular products are lending solutions; five are transaction services; and two are savings programs for emerging low-wealth markets.
The charts shown here are drawn from the NCUF survey.
"In reaching 'low-wealth' families, REAL Solutions targets an even broader audience than other efforts focusing solely on 'low-income,'" said NCUF Executive Director Steve Delfin. "Previous research has shown that low-wealth markets include not only lower-income consumers, but also consumers with moderate and middle incomes who have been unable to build significant savings or assets. REAL Solutions aims to help all of these consumers become credit union members, grow savings, and build assets that will generate wealth for their families."
The NCUF survey found that 96% of REAL Solutions credit unions collaborate with other organizations to provide outreach, and that 89% of REAL Solutions credit unions donate money to charitable programs.
The full survey report is available on NCUF's REAL Solutions Impact Center at
